Aussie payment firm snaps up Noida-based Bankit for AU$30 million

Noida-based fintech company Bankit announced its acquisition by Australian digital payment provider Findi Ltd for AU$30 million through its majority-owned subsidiary, Transaction Solutions International (India) Pvt Ltd (TSI). The transaction is expected to complete before the end of the financial year (by 31 March 2025).

Findi, listed on the Australian Stock Exchange (ASX), operates through over 50,000 merchant partners under the FindiPay brand and aims to enhance India's fintech landscape by targeting underserved regions.

This acquisition will triple Findi's merchant network and expand its presence across India, serving six times more pin codes. With over 1,80,000 partners across over 12,000 pin codes, Findi strengthens its position as a leader in financial inclusion in India, the company said in a statement.

Founded in 2010 by Amit Nigam, a co-founder of SpiceMoney, Bankit has over 1,29,000 outlets in 28 states, and plays a crucial role in offering banking solutions to underserved communities. The fintech leverages technology and a vast merchant network to provide affordable, user-centric financial solutions.

A press release issued by Bankit said that Nigam will continue to drive Bankit’s growth following the acquisition. For Findi, this marks its establishment as the sole Pan-Indian ATM operator with a comprehensive digital business, it said.

“Together with FINDI, the company now aims to create a more inclusive and innovative financial ecosystem that will benefit and empower millions,” said Nigam, Executive Director & Chief Operating Officer, BANKIT.

Deepak Verma, MD and CEO, Findi said that the acquisition provides them with significant reach across India and accelerates the growth of its Digital Payment business. “Bankit will play a pivotal role in delivering our strategy of building a full-stack financial services ecosystem to serve the underserved.

Verma added that Bankit’s expansive merchant network opens up opportunities to drive financial inclusion in underserved communities, with a special focus on enabling access to basic banking services through the set-up of White Label ATMs and our digital platforms.

The acquisition aligns with Findi's recent purchase of Tata Communications’ White Label ATM business Indicash, facilitating ATM deployment at merchant locations and expanding services for underserved areas.